The best 5-year fixed mortgage rates in Canada May 24th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.

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The best 5-year fixed mortgage rates in Canada

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

5-year fixed rates in more detail

Five-year fixed-rate mortgages are generally the most popular type of mortgage in Canada. However, in the last few years, many Canadians have reassessed their mortgage options as a result of major changes in the economy, the real estate market and their personal finances. For example: In 2020, when interest rates fell to historic lows, more Canadians than usual opted for a variable mortgage rate to save on interest costs—a trend that reversed itself once rates began to rise again in March 2022…

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